Visitors to Turkey receive £171 more of local currency for every £500 they exchange compared to last year

The latest analysis from FairFX has revealed that the pound is up 53 per cent against the Argentine Peso compared to the same time last year, meaning holidaymakers get an extra £174 worth of local currency for every £500 exchanged.

The pound is also riding high against the Turkish Lira, with visitors to Turkey receiving £171 more of local currency for every £500 exchanged, an improvement of 52 per cent.

Meanwhile, holidaymakers heading to Brazil will see an extra 377 Brazilian Real, the equivalent to £78, for every £500 exchanged.

Those who wanted to wait for the dust to settle following the World Cup could consider a trip to Russia, where the pound is up 9% against the Russian Ruble, meaning an extra £40 worth of local currency for every £500 exchanged at today’s rate.

How much more Brits will get for £500 in the most improved currencies compared to August 2017

Argentina (Argentine Peso) - £174

Turkey (Turkish Lira) - £171

Brazil (Brazilian Real) - £78

Russia (Russian Ruble) - £41

New Zealand (New Zealand Dollar) - £40

Sweden (Swedish Krona) - £39

India (Indian Rupee) - £29

Hungary (Hungarian Forint ) - £24

Australia (ustralian Dollar) - £23

Jamaica (Jamaican Dollar) - £20

Ian Strafford Taylor, CEO of travel currency expert, FairFX said: “With Brexit negotiations ongoing and economic changes it’s now more important than ever that holidaymakers stay alert to the pound’s performance, as ultimately it impacts how much travel money they will get.

"This is a great opportunity to capitalise on weaker currencies in other countries and test out alternative or long-haul destinations which could not only result in discovering new places but could pay off big time when it comes to holiday spending."

Turkey, one of the best value destinations when it comes to exchange rates for the pound at the moment, has seen an increase of 63 per cent in holiday bookings compared to last year according to Thomas Cook.

Antalya is now the company’s most popular airport for UK travellers and has overtaken Palma de Majorca.

How can I get the best currency rates?

WE spoke with Hannah Maundrell, editor-in-chief at money.co.uk to find out how you can guarantee the best rate when you go on holiday

Don’t buy cash at the airport – you’ll always be able to beat the rate with a bit of forward planning

Compare travel money companies online –Factor in delivery costs and choose the option that gives you the most cash to spend on holiday. If you’ve left it until the last minute order online for airport collection so you get the best of both worlds.